Finance
China’s Cnooc Sells US Assets to Britain’s Ineos
Published by Uma Rajagopal
Posted on December 16, 2024
3 min readLast updated: January 28, 2026
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Global Banking & Finance Review®
Company
Published by Uma Rajagopal
Posted on December 16, 2024
3 min readLast updated: January 28, 2026
Add as preferred source on GoogleThe Chinese oil and gas major said CNOOC Energy Holdings U.S.A. entered into a sales agreement with a subsidiary of INEOS relating to CNOOC’s upstream oil and gas assets in the U.S. part of the Gulf of Mexico.
The Chinese oil and gas major said CNOOC Energy Holdings U.S.A. entered into a sales agreement with a subsidiary of INEOS relating to CNOOC’s upstream oil and gas assets in the U.S. part of the Gulf of Mexico.
The deal primarily includes non-operator interests in oil and gas projects such as the Appomattox and Stampede fields.
INEOS paid just under $2 billion for the assets, according to a person with direct knowledge of the matter who was not authorised to speak to media.
CNOOC said the transaction price was in line with market conditions but did not provide a figure, while INEOS declined to comment on the price.
The Chinese firm aims to optimise its global asset portfolio and will work with INEOS towards a smooth transition, CNOOC International Chairman Liu Yongjie said in the statement.
CNOOC has been sounding out potential buyers of its interests in U.S. oil and gas fields since 2022.
Reuters had reported earlier CNOOC was considering an exit from operations in Britain, Canada and the United States over concerns those assets could become subject to Western sanctions because China had not condemned Russia’s invasion of Ukraine.
(Reporting by Liz Lee in Beijing, Kane Wu in Hong Kong and Beijing newsroom; Writing by Engen Tham; Editing by Tom Hogue and Jamie Freed)
BEIJING/HONG KONG (Reuters) -China’s CNOOC Ltd has sold its U.S. subsidiary, together with its upstream oil and gas assets in the Gulf of Mexico, to British chemicals group INEOS, according to a CNOOC statement issued on Saturday.
The Chinese oil and gas major said CNOOC Energy Holdings U.S.A. entered into a sales agreement with a subsidiary of INEOS relating to CNOOC’s upstream oil and gas assets in the U.S. part of the Gulf of Mexico.
The deal primarily includes non-operator interests in oil and gas projects such as the Appomattox and Stampede fields.
INEOS paid just under $2 billion for the assets, according to a person with direct knowledge of the matter who was not authorised to speak to media.
CNOOC said the transaction price was in line with market conditions but did not provide a figure, while INEOS declined to comment on the price.
The Chinese firm aims to optimise its global asset portfolio and will work with INEOS towards a smooth transition, CNOOC International Chairman Liu Yongjie said in the statement.
CNOOC has been sounding out potential buyers of its interests in U.S. oil and gas fields since 2022.
Reuters had reported earlier CNOOC was considering an exit from operations in Britain, Canada and the United States over concerns those assets could become subject to Western sanctions because China had not condemned Russia’s invasion of Ukraine.
(Reporting by Liz Lee in Beijing, Kane Wu in Hong Kong and Beijing newsroom; Writing by Engen Tham; Editing by Tom Hogue and Jamie Freed)
CNOOC, or China National Offshore Oil Corporation, is a major Chinese state-owned oil and gas company focused on the exploration and production of oil and natural gas.
Upstream oil and gas assets refer to the exploration and production segment of the industry, which involves searching for oil and gas reserves and extracting them from the ground.
Market condition refers to the current state of the market, influenced by supply and demand, economic factors, and other variables that affect the pricing and availability of goods and services.
A subsidiary is a company that is controlled by another company, known as the parent company, which holds a majority of the subsidiary's shares.
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